In this issue, we cover:
- The new Smart Treasury 🏦
- The new BAC-DAI PickleJar 👋
- The first $CORN contribution 🌽
- Hiring for COO/product lead 💼
To start, a quick update on the Yearn collaboration - the implementation of DILL is now closer than ever. See the latest announcement from Andre for more details. Details on the partnership can be found in our last update here.
Smart Treasury 🏦
The Smart Treasury is a 80/20 PICKLE/ETH Balancer smart pool located at https://pools.balancer.exchange/#/pool/0xc52139a20a57c9002e9f5188901ef0ffc63c7205/
- The Smart Treasury will be seeded with 5,860 PICKLEs and a proportionate amount of ETH, currently worth ~$100k.
- We will maintain two separate treasuries: 1) our standard treasury comprising mostly stablecoin/ETH and 2) the Smart Treasury.
- Going forward, all treasury revenue exceeding $400k will be added to the Smart Treasury in the form of ETH.
Due to the price imbalance caused from depositing single-sided ETH liquidity, arbitrageurs are encouraged to sell PICKLEs into the pool to increase the pool’s PICKLE supply.
- The Treasury operates as a buyback mechanism to reduce the circulating supply of PICKLE tokens, thus rewarding all token holders and not only stakers.
- In addition to providing continuous buy pressure on PICKLE, we establish a liquid PICKLE/ ETH market from which the Treasury will obtain trading fees, providing further growth.
- The number of PICKLEs in the treasury will constantly grow, serving as an effective resource bank from which we can incentivise community initiatives and protocol development with PICKLEs.
BAC-DAI PickleJar 👋
We are pleased to announce the BAC-DAI Jar as the latest addition to our line of PickleJars, found here https://app.pickle.finance/jars.
Basis Cash is an algorithmic stablecoin that uses a combination of bonds and shares maintain a $1 peg. The two main tokens are BAC (the stablecoin) and BAS (the token which entitles you to benefit from BAC inflation).
The new Jar accepts deposits of BAC-DAI Uniswap LP tokens to farm BAS rewards, which are then sold and compounded for more rewards. At the time of writing, the APR for someone farming BAS themselves with the BAC-DAI pair is ~260%. However, through daily compounding when depositing into our PickleJar, the APY is a whopping ~685%!
A 20% fee performance fee is taken from the profits. We will soon be commencing a governance proposal which seeks to reward additional PICKLEs for those participating in this Jar.
Please note that algorithmic stablecoins are a very experimental class of products and that is it possible for BAC to go off peg, resulting in impermanent loss for depositors.
CORN Update 🌽
Last month we announced that the 2% developer fund would be used to assist those affected by the hack. We are pleased to announce that 1,235 of Larry’s PICKLEs have been used to buy and burn 220,063 $CORN. See the transaction here. This is the first of many steps to help those who were affected.
Hiring for COO/product lead 💼
Pickle Finance is looking to expand its team!
Per the passing of PIP-22, a $105k/year budget has been approved for the hiring of a COO/Product Lead. Interested candidates should submit an application on our forums by creating a post in our forums here https://forum.pickle.finance/c/protocol-development/12.
There are two days left to apply.
Thank you to everyone who has continued to make Pickle Finance a strong and welcoming community. We’re excited to be able to announce these updates, and can’t wait to continue developing new products, growing our team, and forming closer bonds with the Yearn Finance ecosystem.
Contributors to Pickle have made reasonable efforts at ensuring the integrity of the protocol including tests. Pickle is completely valueless and has 0 financial value. Anyone who chooses to engage with these contracts, including the Pickle token contract and the staking contracts, are doing so at their own risk. You should perform your own due diligence.